The total value of liquidations skyrocketed to over $1 billion in the past 24 hours as the crypto market collapsed.
The entire crypto market is covered in red once again, with countless double-digit losses evident across almost all charts. Bitcoin dumped by 15%, while the altcoins have it even worse with Solana, Ripple, Dogecoin, Shiba Inu, Avalanche, and, of course, Terra, leading the negative trend.
It’s safe to say that the crypto market is in a state of freefall now, and it has been this way for the past week or so. CryptoPotato has frequently reported the massive price drops, which took bitcoin from $40,000 to below $30,000 in this period.
However, the past 24 hours were violent once more. After news broke about the new inflation numbers within the US, BTC dropped below $30,000, surged above that level, and plummeted once more.
This resulted in marking a new year-and-a-half low below $28,600 as reported yesterday evening, but the situation only worsened as BTC dipped to $26,500 a few hours back.
Somewhat expectedly, the altcoins have capitulated even more. Ethereum is down by more than 20% to well below $2,000. Binance Coin dumped by 25% to $235. Even more massive drops are evident from Ripple (-30%), Solana (-36%), Cardano (-32%), Dogecoin (-30%), Avalanche (-35%), and Shiba Inu (-35%).
The market’s most significant loser – Terra – has plummeted to below $0.30 as of writing these lines. After the UST drama, LUNA has lost about 99% of its value in a week.
These developments have led to a high number of liquidations and liquidated traders, with over $1.2 billion wrecked in the past 24 hours, while over 430,000 traders saw their positions liquidated.
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn
